Korea Aerospace Industries Co. (KAI), South Korea’s sole aircraft manufacturer, said Tuesday it has signed a 130 billion-won (US$105 million) deal to supply plane parts to Boeing by 2030.
KAI will provide 14 high-end parts, including strut, support and pivot, for the U.S. company’s B767, B767-2C, B777, B777X and B787 models for eight years from this year, the company said in a statement.
In late 2021, KAI obtained 120 billion won worth of parts order from Boeing.
On top of parts deals from Boeing and Airbus, KAI has recently received a series of aircraft orders from emerging markets amid the ongoing Russia-Ukraine war.
Last week, it signed a 1.2 trillion-won deal with the Malaysian defense ministry to supply 18 FA-50 light attack aircraft, with the delivery set to begin in 2026.
With the deal, KAI has exported 68 KT-1 basic and T-50 advanced trainer jets, as well as FA-50 aircraft, to Southeast Asian markets.
Globally, KAI has obtained deals to supply 222 aircraft to countries that include Iraq, Poland, Peru and Senegal.
It aims to expand exports of its aircraft to the Middle East, Africa, Australia, the United States and other markets.
KAI’s net profit more than doubled to 115.9 billion won for all of 2022 from 53.3 billion won the previous year.
In 2023, KAI targets 3.83 trillion won in sales and aims to win 4.48 trillion won in parts and aircraft orders.
Last year, the company set an order target of 4.19 trillion won but achieved a far higher number, 8.74 trillion won.
Source: Yonhap News Agency